Were you recently informed that you are the Trustee of a trust? If so, and this is the first time you have served as a Trustee, the prospect of administering a trust may sound daunting. That may cause you to wonder if you need an attorney to help you. A trust administration attorney at Nash Bean Ford & Brown, LLP explains why retaining the services of an attorney would likely be a wise choice on your part. Trust Basics – Elements of a Trust If you have been named as the Trustee of a … [Read more...] about Do I Need a Lawyer to Help Me Administer a Trust?
If you are counting on life insurance to help achieve some of your estate planning goals, it is imperative that you understand how the proceeds will be treated after you are gone. This is particularly true if you are considering naming a trust as the beneficiary of the policy. The trust attorneys at Nash Bean Ford & Brown, LLP explain how paying life insurance to a trust works and why it is often a wise estate planning strategy. The Many Uses for Life Insurance Although there are a wide … [Read more...] about Can Life Insurance Be Paid to a Trust?
At some point, you may decide that incorporating a trust into your estate plan is a good idea. If you do, one of the most important decisions you will need to make when creating your trust will entail deciding who to appoint as the Trustee of your trust. The trust administration lawyers at Nash Bean Ford & Brown, LLP discuss when a professional Trustee is the best choice for your trust. What Is a Trust? A trust is a legal relationship where property is held by one party for the benefit of … [Read more...] about When Is a Professional Trustee the Best Choice?
Like many people, you may elect to incorporate a trust into your estate plan for any of a wide variety of reasons. One reason trusts are so popular is the numerous and diverse estate planning goals that can be furthered using a trust. No matter what kind of trust you create, nor what estate planning goal you hope to achieve using the trust, one of the most important steps during the creation of the trust is choosing a Trustee. Because it is your trust, the ultimate decision is yours to make; … [Read more...] about Top 5 Questions to Ask When Choosing a Trustee
Over the course of your lifetime, you will likely review and revise your estate plan several times. Each time you revise your plan you may add new estate planning tools and strategies to address your growing family and estate. One of the most common of those tools is a living trust. A better understanding of the many ways in which a living trust benefits your estate plan can help you to decide if one is right for you. What Is a Living Trust? All trusts can be broadly divided into two … [Read more...] about Living Trust Benefits
A well-rounded and comprehensive estate plan will incorporate a wide variety of estate planning tools and strategies. Among the most common of those tools is a trust, due in large part to the fact that trusts can help achieve so many different estate planning goals. Working with an experienced estate planning attorney is the best way to ensure that the trust you create is successful and error-free. It may, however, be beneficial for you to understand the most common steps involved in creating a … [Read more...] about Steps Involved in Creating a Trust
Often, an inheritance is left to loved ones through a trust instead of as a direct gift in a Last Will and Testament. As the beneficiary of a trust, you must depend on the Trustee to manage the trust assets and administer the trust using the terms created by the Settlor (creator of the trust). You also must count on the Trustee to distribute the assets to you pursuant to the terms of the trust and/or the authorize distributions if the Trustee has discretionary authority with regard to … [Read more...] about Can a Beneficiary Do Anything If the Trustee Isn’t Following the Trust Terms?
Though once thought of as only benefitting the wealthiest among us, trusts are now commonly used by the average person to accomplish a wide range of estate planning goals. If you do include a revocable trust in your estate plan, you may later find that you want to modify, or even revoke, that trust. You may be surprised to learn that modifying or revoking a trust if often easier than making changes to your Last Will and Testament; however, if the proper steps are not followed, an attempt to … [Read more...] about How Do I Modify or Revoke My Revocable Trust?
Although most people continue to use a Last Will and Testament as their primary estate planning document, another option has become increasingly popular as well – a trust. Trusts are also commonly used as a secondary estate planning tool that can help achieve a specific goal, such as incapacity planning or asset protection. Regardless of what type of trust is used, and what the trust is intended to accomplish, all trusts must have a Trustee, appointed by the Settlor (the trust creator) whose … [Read more...] about Trust Administration Attorneys Explain What Happens If The Trustee Cannot Serve
Although a Last Will and Testament remains the most common estate planning document, even a relatively simple estate plan will typically require additional tools and strategies to accomplish all the goals of the plan. A trust is among the most popular of these additional tools, due in large part to the flexible nature of a trust and the numerous estate planning goals that can be furthered through the use of a trust agreement. If you decide to include a trust in your estate plan, you will need to … [Read more...] about Why You May Not Want Your Spouse As A Trustee